Published on 8/17/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $13.5 million trigger callable contingent yield notes on stocks
By Sarah Lizee
Olympia, Wash., Aug. 17 – Credit Suisse AG, London Branch priced $13.5 million of trigger callable contingent yield notes due Aug. 10, 2023 linked to the least performing of Apple Inc., Alibaba Group Holding Ltd., Facebook, Inc., Microsoft Corp., Amazon.com, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at a rate of 28% per year if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date that quarter.
The notes are callable at par of $10 plus any coupon due on any quarterly coupon payment date.
If the notes are not called and each stock finishes at or above its downside threshold, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing stock’s final level is below its initial level.
UBS Financial Services Inc. is the selling agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Trigger callable contingent yield notes
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| Underlying stocks: | Apple Inc., Alibaba Group Holding Ltd., Facebook, Inc., Microsoft Corp., Amazon.com, Inc. and Alphabet Inc.
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| Amount: | $13.5 million
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| Maturity: | Aug. 10, 2023
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| Coupon: | 28% per year, payable quarterly if each stock closes at or above its coupon barrier on observation date that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing stock’s final level is below initial level
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| Call option: | At par plus any coupon due on any quarterly coupon payment date
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| Initial levels: | $455.61 for Apple, $265.68 for Alibaba, $265.28 for Facebook, $216.35 for Microsoft, $3,225.00 for Amazon, $1,504.95 for Alphabet
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| Coupon barriers: | $318.93 for Apple, $185.98 for Alibaba, $185.70 for Facebook, $151.45 for Microsoft, $2,257.50 for Amazon, $1,053.47 for Alphabet, or 70% of initial levels
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| Downside thresholds: | $318.93 for Apple, $185.98 for Alibaba, $185.70 for Facebook, $151.45 for Microsoft, $2,257.50 for Amazon, $1,053.47 for Alphabet, or 70% of initial levels
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| Pricing date: | Aug. 6
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| Settlement date: | Aug. 11
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| Selling agent: | UBS Financial Services Inc.
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| Fees: | 0.5%
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| Cusip: | 22550X337
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